Bank of Spain reports Spain’s net international investment position at -44.2% of GDP in Q2 2025

The Bank of Spain published Spain’s balance of payments, international investment position and gross external debt statistics for the second quarter of 2025, showing the net international investment position (NIIP) moved to a larger debtor balance of -44.2% of GDP (EUR -722.3bn) from -42.7% in the first quarter. Gross external debt stood at 161.8% of GDP (EUR 2,643.9bn), while the four-quarter net lending position was 4.2% of GDP (EUR 68.1bn). Excluding the Bank of Spain, the NIIP worsened to -35.0% of GDP from -32.3%, with portfolio investment net liabilities rising to -26.1% of GDP (EUR -426.5bn) and direct investment to -13.9% (EUR -228.0bn), while other investment remained a net asset position of 4.6% (EUR 75.8bn). The increase in the net debtor balance excluding the central bank was mainly driven by other (non-transaction) flows of EUR -55.2bn, partly offset by net transactions of EUR 4.2bn, with negative exchange-rate effects (EUR -36.4bn) and price effects (EUR -19.0bn) accounting for most of the other flows; by sector, the general government net debtor position rose to -43.2% of GDP (EUR -705.5bn). Spain recorded quarterly net lending of EUR 18.1bn in Q2 2025, as a wider goods deficit (EUR -9.0bn) was offset by a larger services surplus (EUR 30.3bn), including tourism (EUR 19.9bn) and non-tourism services (EUR 10.5bn). The Bank of Spain scheduled the advance balance of payments release for July 2025 for 30 September 2025. Third-quarter 2025 quarterly data are due on 23 December 2025, alongside revisions to the balance of payments and international investment position from Q2 2025 and the NIIP for Q1 2025; additional annual details will be updated on 14 October 2025.